The Marquis on Berkeley, 2580 N Berkeley Lake Rd., Duluth, GA
DULUTH, GA—Cushman & Wakefield has arranged the $52.1 million sale of The Marquis on Berkeley, a 323-unit, 17-building apartment community located at 2580 N. Berkeley Lake Rd., Duluth, GA. Mike Kemether, Travis Presnell and Josh Goldfarb of Cushman & Wakefield represented the seller in the transaction. A local operator acquired the property for $161,310 per unit. Identities of the buyer and seller were not disclosed.
According to Real Capital Analytics, a proprietary research database, the last sale of the property was in 2013, when CWS Capital Partners, a private investor based in Newport Beach, CA, acquired the property from Vinings, GA-based Paces Properties.
“One of the biggest changes that has taken place in Atlanta over my career is that Gwinnett County has transformed from a commodity multifamily market to a barriers market with a business-oriented government serving over 1 million people,” Kemether says. “For these reasons, most Gwinnett properties have performed really well. The Marquis on Berkeley is a fantastic product, and it will be fun to see what the buyer can do with such a great canvas.”
Built in 2002, The Marquis on Berkeley is located within the Northeast Atlanta path of progress, just minutes from millions of square feet of class A office space, thousands of jobs, national retail, major entertainment centers and back-door access to North Fulton. Amenities include a playground, expansive sundeck, fitness center, garages, lighted tennis courts and a resort-style pool.
Cushman & Wakefield's Southeast Multifamily Advisory Group closed $4.8 billion in 2017 sales volume through 268 deals and more than 55,000 units.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
